Important Banking Information

Accepting Foreign Checks for Deposit

Clemson University accepts deposits of foreign checks for many countries. Foreign checks are credited to your account in a matter of days. Make sure the foreign check has micro encoding on the bottom of the check. With the micro encoding missing from the item and with no U.S affiliated bank identified it means that it may be a Foreign Draft and not a check. You can accept a foreign draft, but you must contact Cash and Treasury Services to negotiate the draft. The draft will be taken to our Banking Institution to be sent for collection. Collection will take 4 to 6 weeks. It is important to note that due to a $35 or higher processing fee, the bank will not accept a foreign item for collection with a face value of less than $100.

If you have any questions please contact Cathy Freeman with Cash and Treasury Services at 864-656-0530 or by email, cdorfne@clemson.edu.

Accepting Funds at the University

Departments must be authorized to receive payments on behalf of Clemson University. Approved departments are responsible for ensuring adequate internal controls are in place and secure the collection and proper receipt of monies.

Bank accounts used to conduct University business are approved by the Chief Financial Officer. The Board of Trustees authorized the Chief Financial Officer to approve the process of opening an account and depositing University Funds in a commercial bank and any other financial organization or to establish a petty cash fund. No other organizational unit, department or administrative office has the authority to open an account and deposit University funds in a commercial bank and any other financial organization, or to establish a petty cash fund except when specifically authorized, in writing, by the Chief Financial Officer.

If you have questions regarding any aspect of our financial process or procedures, please do not hesitate to call 864-656-0530 or email cdorfne@clemson.edu.

Bank Holiday Schedule

For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding Friday; however, the Board of Governors will be closed. For holidays falling on Sunday, all Federal Reserve offices will be closed the following Monday.

2012

2013

2014

2015

2016

New Year's Day

January 2

January 1

January 1

January 1

January 1

Birthday of Martin Luther King, Jr.

January 16

January 21

January 20

January 19

January 18

Washington's Birthday

February 20

February 18

February 17

February 16

February 15

Memorial Day

May 28

May 27

May 26

May 25

May 30

Independence Day

July 4

July 4

July 4

July 4*

July 4

Labor Day

September 3

September 2

September 1

September 7

September 5

Columbus Day

October 8

October 14

October 13

October 12

October 10

Veterans Day

November 12

November 11

November 11

November 11

November 11

Thanksgiving Day

November 22

November 28

November 27

November 26

November 24

Christmas Day

December 25

December 25

December 25

December 25

December 26

Counterfeit Currency

Keep up to date on changes to US currency. Know what to look for when accepting U.S currency.

Returned Check: All returned checks are processed by the bank twice before deemed insufficient. All returned checks are initially returned by the bank to the office of Cash and Treasury Services. Upon receipt of a returned check, the Office of Cash and Treasury Services will determine the depositing unit or account which accepted the check. The charge for a returned check is $30.00. The University will charge a returned check fee for each returned check. Returned checks must be paid by cash, money order, or cashier’s check.

Returned eCheck: All returned eChecks are initially returned by the bank to the office of Cash and Treasury Services. Upon receipt of a returned eCheck, the Office of Cash and Treasury Services will determine the depositing unit or account which accepted the eCheck. The charge for a returned eCheck is $30.00. The University will charge a returned eCheck fee for each returned eCheck. Returned eChecks must be paid by cash, money order, or cashier’s check.

Sending Money to Clemson University via Wire Transfer and/or EFT

Please note that this account is designated for incoming money only. No attempts to debit the account will be honored.

Whether you are sending money to Clemson University via Wire transfer and/or EFT please contact the Accounts Receivable area within Cash and Treasury Services before sending funds to Clemson University.

Any questions regarding the claiming of funds should be directed toAccounts Receivable.

Note: If a duplicate wire transfer and/or EFT payment is received by Accounts Receivable it will be the department’s responsibility to return the funds to the originator of the wire transfer and/or EFT payment.